Heritage Financial Group, Inc. (“Heritage” or the “Company”) (NASDAQ: HBOS), the holding company for HeritageBank of the South (“HeritageBank”), today announced that the Company has...

Heritage Financial Group, Inc. (“Heritage” or the “Company”) (NASDAQ: HBOS), the holding company for HeritageBank of the South (“HeritageBank”), today announced that the Company has been informed by NASDAQ that its pending acquisition of Ocala-based Alarion Financial Services, Inc. (“Alarion”), the holding company for Alarion Bank, must be submitted for approval by the Company’s stockholders. The Company intends to proceed expeditiously to schedule a special meeting of its stockholders and does not anticipate any difficulties in obtaining a favorable vote on the merger. Alarion shareholders have approved the Merger, and the Company has received regulatory approvals from all three of its banking regulators. The Company still expects to complete the transaction well within the contractual timeframe.

Heritage Financial Group, Inc. is the holding company for HeritageBank of the South, a community-oriented bank serving primarily Georgia, Florida and Alabama through 29 banking locations, 15 mortgage offices, and 5 investment offices. As of June 30, 2014, the Company reported total assets of approximately $1.5 billion and total stockholders’ equity of approximately $132 million. For more information about the Company, visit HeritageBank of the South on the Web at www.eheritagebank.com under the “Investors” tab.

Cautionary Note Regarding Forward Looking Statements

Except for historical information contained herein, the matters included in this news release and other information in the Company’s filings with the Securities and Exchange Commission may contain certain “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements can be identified by the fact that they do not relate strictly to historical or current facts and often use words or phrases “opportunities,” “prospects,” “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “intends” or similar expressions. The forward-looking statements made herein represent the current expectations, plans or forecasts of the Company’s future results and revenues. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Reform Act of 1995 and includes this statement for purposes of these safe harbor provisions. These statements are not guarantees of future results or performance and involve certain risks, uncertainties and assumptions that are difficult to predict and are often beyond the Company’s control. Actual outcomes and results may differ materially from those expressed in, or implied by, any of these forward-looking statements. Investors should not place undue reliance on any forward-looking statement and should consider the uncertainties and risks, discussed under Item 1A. “Risk Factors” of the Company’s 2013 Annual Report on Form 10-K and in any of the Company’s subsequent SEC filings. Further information concerning the Company and its business, including additional factors that could materially affect the Company’s financial results, is included in its other filings with the SEC.